The decline in crude oil price found a halt at the support line of the bullish channel depicted on the chart, initiating a bullish rebound from this level. This resurgence signals a potential continuation of the primary bullish trend, with next targets set at $83.85, followed by $86.00.
Consequently, a bullish bias is indicated for today, further reinforced by the EMA50 providing support from below. It’s pertinent to note that a breach of $81.50 could disrupt the anticipated upward trajectory, potentially instigating a bearish correction within the bullish wave that commenced from the $71.35 region.
Today’s projected trading range is anticipated to oscillate between the support level at $81.00 and the resistance level at $84.00.
Trend Projection: Bullish
Despite recent fluctuations, the forecast suggests a bullish sentiment in the crude oil market, offering potential opportunities for investors and traders to capitalize on upward movements. Adherence to key support and resistance levels remains pivotal for navigating market dynamics effectively.
